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Ethiopia: Ethio Pay to Push Visa Cards Out

11.10.2017

 | Source:  Addis Fortune; All Africa

Eth Switch S.C, the consortium of private banks, is to implement electronic cards belonging to the same brand- Ethio Pay, in all the banks of the country.

Eth Switch, established by the 17 commercial banks to integrate Automated Teller Machines (ATMs) and Point of Sale (PoS), has already implemented Ethio Pay cards in five commercial banks so far, whereas the remaining are still use visa cards.

Until now, the banks have been paying a lot of money for using the trademark of the VISA cards. The utilisation of Ethio Pay branded electronic cards will harness the hard currency payment to foreign companies, according to the company's management.

Currently, over six million people are using ATM Visa cards. Founded in 2011, with a capital of 80 million Br, Eth-Switch facilitated transactions worth 2.9 billion Br in the past fiscal year.

Source: All Africa